Newbie traders - Learn from my mistakes

[Armani123]

Newbie traders - Learn from my mistakes

I, myself have not been a Trader very long, but now, I have a gist about trading. In the beginning, when I first started trading, I was stupefied by enormous number of things I had to look out for, inorder to place a successful trade and knowing when to exit the market. So many signals to look out for while keeping an eye on the markets. These things left me in confusion and ultimately, I lost a good portion of my capital.

I am aiming this article mainly for newbies who has recently started trading. I faced a lot of hurdles myself not knowing which side is up and which is down. In my state of daze, I sought all the wrong help that a professional traders avoid themselves from, which only made me lose more money and sinking me lower. I seeked helps from proclaimed trading gurus (them telling me when to enter the market and which cryptos I should invest in). All their predictions came at a price and nothing was free. But hardly any of their expert opinions made me any profit. So I kept jumping from one professionals to another, hoping that I'd find my golden goose. I was totally wrong. I didn't find any treasures at the end of a rainbow. All it did was lighten my pocket. It was excessively discouraging and almost made me give up trading.

Feeling depressed, I stopped trading for few days and looked at my past trades from every perspective and in doing so, I learned few things one should accomplish beforehand. After rectifying my past mistakes, I am fairly doing fine now. So let me share these few gems with all traders-in-learning.

First and foremost, it is imperative for a newbie to learn the chart and various signals such as MA, EMA, WMA, KJD, MACD, RSI, DMI, MTM etc. When I say learn, I mean thoroughly. If you are averse to reading, there are hundreds of directive videos in YouTube. These videos have really helped me out in understanding various concepts to trading. So, I am assured that it would help you too.

Never try to learn all the signals in one or two sittings. As complicated as it is to master oneself to reading particular signal, you are liable to find yourself in confusion if you try to cramp all knowledge at once.

Most importantly, learning to read the chart should come foremost. I use candlestick myself. Charts plays the most important role in making decisions. So you should learn each and every shapes and forms there is since every pattern depicts what the future outcome might be like. It is not 100 percent assured, but to some extend, the chart is often predictable, as long as the market is not extremely volatile.

Coming back to art of learning, initially, I would suggest that you learn to read two to three signals and see if the signals are aligning with the chart. I recommend you to use candlestick for chart since it has numerous ways to tell you how the future market rating could be by the past market chart patterns.

Now, coming to practical world, I don't suggest a demo account to test your knowledge. Demo accounts dosen't enable you to test your emotions because there is no account for you to lose or gain anything. As a result, you fail to give your attention fully and leads you to learn almost nothing.

I'd suggest you invest the least amount of capital that cannot hurt you even if you lose. And as I said earlier, try out few signals and see if they are aligning with the chart. If they are, then its time for you to enter the market and wait for it to see if you read the signals right. In the same manner, try out the rest of the signals according to your liking and try out. Try to experiment using different signals with another till you find your niche.

Placing your trade is all about timing. So patience is a major factor. Look out for the market, right along, reading signals and chart. If you find that the market is very unstable, I suggest you take a break from it. Wait for it to come back to a normal trend where you can most likely predict the future by reading the adjoining signals and patterns. Then, make your play. Anyways, who is to say that the market trend is normal.

Don't be discouraged if you fail to predict the market but consider it as a stepping stone. You remember that even the top professional traders also fail more than one-third of times they trade.

Trading is an art where you are the teacher as well as the student. One can teach you how trading is done or how to read signals, but eventually, the final outcome will be up to you.

So, I wish you good luck.

Viketo Sumi (Armani123)

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[crzy]

Trading is indeed not for the weak hands and we should not feel discourage every time we lose money because that’s the game here in the market.

We lose 5 times in a month but of course, we have to bounce back and win more than what you’ve loss. Trading is a profitable job if you take this serious, it will bring big money to you so keep learning, and keep doing good strategies every time you trade.

[konflikkastil]

I have often said this time without number, there is nothing a newbie want in trading. Take your time to learn about how it is been done. If you don't want to waste your Investment. Do not rush to start trading, and what caused this is greed. You want to make quick money, just because you heard if someone making it big time in trading. And yiu think you can start and start making the money on that same day. I pity you. Let me ask you a question, is it the day you enter into a university you will graduate? No, the answer is capital NO. To everything worth doing worth doing well. Learn this thing before going into it.

[Periodik]

Serious day trading is only for those who are serious enough to face the tough trading training and studying. If you cannot survive the learning process, you should just trade occasionally and with smaller funds. But if you are determined enough to understand the likes of MA, EMA, WMA, KJD, MACD, and many other patterns and technical analysis tools as mentioned, then you can get on to it more often and with a larger fund. But you will still start small and slow.

[maxreish]

Not only you who have a rocky road experience in trading. I have been not doing good lately. But that doesn't stop me from believing that my mistakes are part of growing up, part of improving the way I trade. There are enormous reasons not to give up.
 
 Reading indicators are also not that easy, even an expert reading technical analysis may experience failures and lose. When times that we tend to lose more than we take profits, reimprove and find the mistakes where you will gonna change and improve.
 
 Believe me, if we believe we are confident enough because we trade longer than the others. The more we should continue to learn more because crypto market is really hard to predict. One's mistakes is one's inspiration to grow.

[Sled]

Newbie traders - Learn from my mistakes

A mistake is a gift, not a threat. Instead of being disappointed because we once fail but use this as a tool to improve and develop our skills.

Actually, we can't be perfect no matter how good we are, even though some called as an expert. It is a common thing to happen and we don't need to worried about it. Having them corrected and will be fine. It is just a need of time to figure out where we are wrong, where we are less effective, and what strategy is not helping. And by taking an action, we solve the problem and that leads us to a better trading result.

[Renampun]

For beginner traders, of course, it is still difficult to know market movements because there is not enough knowledge or analysis for it. One of the things a novice trader must do is study market signals. There are many videos and books that discuss this. Learning from my personal experience, I have also been following the development of stocks, crypto and BTC for a long time. it is not easy for a beginner trader but try it with a little capital and keep learning.

*continuous learning is the key to success in trading...
Weak hands are very normal for a newbie, without continuous practice, it will be very difficult to control emotions when trading. *keep learning and don't be complacent so you can feel the profit of trading

[XZERO1]

I'm really not sure that's how it works, most people have a hard time learning new things from other people's experience and improving themselves accordingly, and that means they have to experience what you had experienced themselves, specially on trading which there could be a lot of emotions involved in it that could make it hard to make rational trading decisions.

The best thing beginners can do to minimize losses when they're just in the start of their way is to start trading with a small amount of money and instead of looking at how much they profited/lost in Fiat, they should look at +/- percentage on the trades, and that's because if you are trading with a small amount of money and you keep looking at your profit/loss as Fiat it wouldn't be anything significant and you will be bored soon and you would want to increase your capital which is not a very good idea when you have no experience, instead learn to look at the profits/losses in percentage.

[MIner1448]

I agree with you, trade can, of course, psychologically put pressure on a person, which you can go into yourself. When you constantly trade in the red, this happened to me, the most important thing is to believe in yourself and in your strength, everything will work out inappropriately.

[tbct_mt2]

As a newbie, you would prioritize your capital for investment, not for trading.

- Use 80% of your capital for investment
- Use 20% or even only 10% of your capital for trading.
- Don't try to use leverage trading if you are not in the market more than 1 year.

80% of your investment in bull market will bring money to you, and in bad practice and if you lose your 10% or 20% for trading, you can use some of profit from investment to practice your trading again.

Always try to not use more than 20% of your capital for trading.

[MrMcKinney]

It's good that you're sharing the mistakes you've made as a first time trader, not a lot of would do the same and I think that a lot of newbie traders today still need guidance from the experienced traders like you.

Trading is not for everyone and shouldn't be taken lightly, It takes time and energy to really grasp how the trading works and to work it perfectly. But the thing is, a lot of people still don't know the difference of Trading from Investing and I actually understand that especially with the way market works these days. For example, a lot of has been buying BTC nowadays because of the news that institutions are investing on BTC on KuCoin but they can actually do some trade to earn more.

[wxa7115]

Not only you who have a rocky road experience in trading. I have been not doing good lately. But that doesn't stop me from believing that my mistakes are part of growing up, part of improving the way I trade. There are enormous reasons not to give up.
 
 Reading indicators are also not that easy, even an expert reading technical analysis may experience failures and lose. When times that we tend to lose more than we take profits, reimprove and find the mistakes where you will gonna change and improve.
 
 Believe me, if we believe we are confident enough because we trade longer than the others. The more we should continue to learn more because crypto market is really hard to predict. One's mistakes is one's inspiration to grow.

I think we can all agree and say that trading especially day trading is hard, however while we are all bound to make mistakes and that is inevitable the magnitude of those mistakes is probably the biggest difference between expert traders and newbies, when a newbie makes a mistake the mistake is so big and so devastating that for the most part is impossible for him to ever recover from such loss and that is what ends up discouraging them to the point they give up on the market, and with good reason since they have suffered massive losses.

An expert trader could even make the same mistake as a newbie, that happens all the time, the difference is that he is able to realize very soon that he made a mistake and cut his losses, so even if the expert trader still loses money the amount he loses is very low and as such he can continue to improve his abilities and still make money if given enough time.

[kolbalish]

Mistakes happen more or less in everyone's life. But he doesn't have to be wrong. We have to assume that the mistake is instruction for us and we have to legislate our trading from that instruction. Those who are big successful traders in life also made mistakes in the beginning and it cannot be said that mistakes are not made even now. My suggestion to the Newbies would be to go down patiently with appropriate knowledge. It would be right to be wrong.

[gideonpadang]

Using crypto trading often and it works quite well. Pain points: Only Bitcoin and Ethereum withdrawals, taking hours to days! Inconsistent UI (APP, Web). Happy to see more frequent improvements e.g XRP withrawals, direct trades between cryptos (XRP-BTC..), UI Enhancements

[palle11]

It is for traders to understand that there are price we pay in life to better in what we do. Just as people want to acquire some level of education,this is also the same with trading. But the using of plenty of indicator at a particular time is capable to confusing the trader to make big mistake and indecision.

[Kasabus]

Honestly, it is a long story to read OP. It is nice sharing about your past and worse experience in trading but to tell you that, it is a common thing to happen while you are still learning in trading. We often mistake but from that, we able to stand and getting better, and that is what happens to you now, right?

Trading is an art where you are the teacher as well as the student. One can teach you how trading is done or how to read signals, but eventually, the final outcome will be up to you.

experience is the best teacher, that is what we know. And that supposed we need to do in order to get what we want but some people never think about it, instead, they step back when suffering losses.

[SquallLeonhart]

I do agree that trading is not something someone with a weak mind could handle. I am sorry OP, I do not want to call you weak minded and I know that you are doing whatever you can to make it work as well. However one thing I am 100% certain in crypto trading is that you need to be very careful and very patient, if you pick the right coin (not like silly ones but the top good ones that have a solid tech and decentralization) and can wait for years, you are going to make a lot of profit, there is no doubt about that.

This is why I am in crypto as well, I do not really care about the money I have invested in bitcoin, and I had very very tiny amount in investment but thanks to this bull run I have managed to make it go higher and higher. This wasn't because I am a great trader, all because I was capable of waiting for things to go up, and that allowed me to get richer.

[DarkIT]

In trading we should learn from our mistake and not from other mistake. Because the mistake done by us and other won't be the same one. Secondly if you find the mistake, it mean you are learning. Once you completely learn of trading, you can avoid of panic selling. Patience is essential tool of trading.

[justdimin]

I have often said this time without number, there is nothing a newbie want in trading. Take your time to learn about how it is been done. If you don't want to waste your Investment. Do not rush to start trading, and what caused this is greed. You want to make quick money, just because you heard if someone making it big time in trading. And yiu think you can start and start making the money on that same day. I pity you. Let me ask you a question, is it the day you enter into a university you will graduate? No, the answer is capital NO. To everything worth doing worth doing well. Learn this thing before going into it.

Completely agreed with you here and one reason why guys are rushing trading is because they feel like the bitcoin market is the best option right now, which indeed it is I would agree but that does not mean anyone can just jump into the market, buy any shit coins and get rich overnight. It takes time and skills to actually cope with the market because just think about it .. what actually makes the crypto market or any market? It is the like minded people like us and every time someone earns money in the market there is someone who is losing money on the other hand so its not that easy.

These things mentioned in OP are basics and although important I think the best way to learn trading is by actually experiencing it and making mistakes but with either a demo account or with minimal capital.

[isaac_clarke22]

I am indeed averse to reading when it comes to too much technicalities, so I also watched Youtube videos for tutorials. We kinda share the same story, OP but then I truly quit, because I didn't really have the moment to trade.
I guess I immersed myself when you mentioned that we shouldn't use demo account to practice trade because emotions aren't really going to kick in.
Or maybe such platforms would make limitations on making demo accounts so that learners would get the feel of actual loss.

[Bitum]

I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another

[Hamphser]

I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another

Doing trading can really be done by everybody but we cant really deny the fact that there are people which arent effective in terms of trading even though they
had been trading in the market for a while now.Just like my friend which is trader but eventually quit after 2 years of doing trades still end up on a loss.
Not all things would really goes well into an individual so this will really be varying on someones persistence on what he had been engaging.

[wxa7115]

Honestly, it is a long story to read OP. It is nice sharing about your past and worse experience in trading but to tell you that, it is a common thing to happen while you are still learning in trading. We often mistake but from that, we able to stand and getting better, and that is what happens to you now, right?

Trading is an art where you are the teacher as well as the student. One can teach you how trading is done or how to read signals, but eventually, the final outcome will be up to you.

experience is the best teacher, that is what we know. And that supposed we need to do in order to get what we want but some people never think about it, instead, they step back when suffering losses.

Experience is in fact the best teacher but the issue with that in the markets is that any mistake can be costly and sometimes the price you have to pay is so high that it is impossible to become profitable ever again.

Basically trading is incredibly unforgiving, think about almost any other activity you do and you will see that a mistake is for the most part not costly at all, so you can make several mistakes, learn from them and improve until you are good, but when it comes to trading if you make a big mistake it is impossible to fix it and for the most part that mistake causes you to make yet another series of mistakes which can end your career as a trader before it even begins.

[tbct_mt2]

Doing trading can really be done by everybody but we cant really deny the fact that there are people which arent effective in terms of trading even though they had been trading in the market for a while now.Just like my friend which is trader but eventually quit after 2 years of doing trades still end up on a loss.
Not all things would really goes well into an individual so this will really be varying on someones persistence on what he had been engaging.

Trading is difficult as you can not control your decisions, greediness and fear. You can win big in some days but can lose all in one day.

Experience is in fact the best teacher but the issue with that in the markets is that any mistake can be costly and sometimes the price you have to pay is so high that it is impossible to become profitable ever again.

Basically trading is incredibly unforgiving, think about almost any other activity you do and you will see that a mistake is for the most part not costly at all, so you can make several mistakes, learn from them and improve until you are good, but when it comes to trading if you make a big mistake it is impossible to fix it and for the most part that mistake causes you to make yet another series of mistakes which can end your career as a trader before it even begins.

Because of this, traders or investors who are totally new in crypto market have to be careful with every decisions. They need to have preventive plans for their capital and lives. Borrow to trade and go gamble with margin then high leverages will make them paranoid, weak and end with terrible decisions.

Cost of learning will be a mixture of time and capital. You have lot of time to spend but you won't have much capital to waste. If you use all capital to do trading or invest at the beginning, you will lose it after one or two big failures.

Let's get started to trade or invest with small part of your capital, and use a few other parts for later lessons.

[redsun114]

I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another

Those are the very basics - Not panicking and not getting overjoyed!

But I think with time I have felt like even in crypto trading there is a need for tools and learning features like Stop-loss which can help you avoid emotion losses. Sometimes stop-loss might feel bad because the coin you sold at the stop-loss limit might pump later but overall as I read all these threads, it feels like stop-loss is way more worth and useful.

I think what turns an average trader into a professional trader is experience and capital management. I have seen some very discipline day traders who know their limit and that came with time and now they are trading with $100-200 difference and make easy profits, not very big but stable and sustained profits. There are times when they have to wait for weeks but there is enough patience and discipline which they have learned with time.

I am trying to learn leverage trading now days, I know about it already but just polishing my skills so I can also take benefit of the bullish market.

[goldade]

Just like OP mentioned, trading cryptocurrencies isn't something one should just dabble in else you'll burn your fingers. Like I used to tell people, trading takes more than just the willpower to be a successful trader, you have to actually take time to invest in yourself. By investing in yourself, I mean taking time to gather all the necessary skills and knowledge required for trading
Another important thing that needs to be learnt is risk management. No matter how skilled you are, you'd only be setting yourself up for a failure if you don't practice risk management

[Oilacris]

Just like OP mentioned, trading cryptocurrencies isn't something one should just dabble in else you'll burn your fingers. Like I used to tell people, trading takes more than just the willpower to be a successful trader, you have to actually take time to invest in yourself. By investing in yourself, I mean taking time to gather all the necessary skills and knowledge required for trading
Another important thing that needs to be learnt is risk management. No matter how skilled you are, you'd only be setting yourself up for a failure if you don't practice risk management

When you do talk about being skilled then that would already be a package because you wont know on what you are doing if you dont know risk management. Being skilled does signify to be good in all angles from

emotion handling, risk taking, good decision making skills etc. and with this you would able to handle out situations according to your plans even though this market is unpredictable and cant really be known then

having these qualities and characteristic would really be good to have to sustain yourself to the market and making yourself profitable.Yes, its hard but not really impossible to attain.

[darewaller]

I think what turns an average trader into a professional trader is experience and capital management. I have seen some very discipline day traders who know their limit and that came with time and now they are trading with $100-200 difference and make easy profits, not very big but stable and sustained profits. There are times when they have to wait for weeks but there is enough patience and discipline which they have learned with time.

I like that you made the point that newbies shouldn’t be trying to learn everything all at once, because for sure it never works. Learning how to trade cryptocurrency is not what you’re going to learn all at once. I usually advise people that they should calm down and take everything one at a time.

You can learn a few things and start trading and then with your daily experience you’re going to be grabbing more knowledge and becoming better than you used to be. This is a normal thing with every kind of business that one is into, there will always be a time they will make mistake and with these mistakes they will learn to correct their steps and take the right steps.

[AicecreaME]

I agree to you.

Trading is like putting up your own business, you need more funds for the trial and error that's going to happen, since you're going to failed many times as a trader, and stopping won't take your anywhere. Also, before starting trading as your source of income, think many times as possible, because it needs dedication if you really want profits in the long run.

Remember always that losing a trade is normal, it's not Christmas every single day of Trading. The very saying for traders is "Fall seven times, stand up eight".

[crwth]

After reading your long message, what struck me is the Demo Account.

It depends on the person in order to really have the feeling of trading completely. Usually, demo accounts will always make you feel good because you are not risking anything and you are not going to lose anything. So it's an only positive way, so it's kind of okay to use it but it's still preferred to have that real feeling with real money. It's what I agree on.

Most of your message is kind of redundant with other posts but thanks for sharing your experience. I thought you would have an actual experience like how much you lost etc.

[Ziskinberg]

I agree to you.

Trading is like putting up your own business, you need more funds for the trial and error that's going to happen, since you're going to failed many times as a trader, and stopping won't take your anywhere. Also, before starting trading as your source of income, think many times as possible, because it needs dedication if you really want profits in the long run.

Remember always that losing a trade is normal, it's not Christmas every single day of Trading. The very saying for traders is "Fall seven times, stand up eight".

Despite all the losses and challenges, we are still able to stand strong and make a change. I think we all had to experience losses before we learn and that can't be avoided no matter how good you are. But, it is a big difference when we keep losing, because that simply tells us that we don't do anything to improve, we never learn from our mistakes and therefore, we are not meant for this.

That is why, before we decided to become a trader, we dare to accept the challenge and that prove that we are not wrong with our decision to become a trader. Otherwise, we better leave if we never see any improving results since from the start.

[chaser15]

All pointers and good suggestions are useless to a totally newbie in trades. They won't understand those suggestions as they don't experience the actual environment of being trade.

Let those mistakes came in and that will make a person a better trader in the long-run.

Even the most trading experts still lose. The important is, we learn from mistakes.

[sana54210]

You can learn a few things and start trading and then with your daily experience you’re going to be grabbing more knowledge and becoming better than you used to be. This is a normal thing with every kind of business that one is into, there will always be a time they will make mistake and with these mistakes they will learn to correct their steps and take the right steps.

Yeah, all traders make mistakes, there is nobody in the entire world that never made any mistake at all, everyone has made some mistakes either big or small but they did, there is no way you can learn to be a great trader without mistakes first.

Newbie traders will make mistakes, no matter how much they read, no matter how much they learn, there isn't a world where they make zero mistakes, which is why I believe we are going to end up seeing a lot of these new people that came in during the new bull period of 2020 to make huge mistakes along the way, however reality is that they will make a big amount of profit in the long run as well, next time there is a hype and a bull run most of them will make profit and the rest of them will make a profit on the next bull run, it may take few years but they will all make a profit over time because crypto is definite profitable in long run.

[wxa7115]

Experience is in fact the best teacher but the issue with that in the markets is that any mistake can be costly and sometimes the price you have to pay is so high that it is impossible to become profitable ever again.

Basically trading is incredibly unforgiving, think about almost any other activity you do and you will see that a mistake is for the most part not costly at all, so you can make several mistakes, learn from them and improve until you are good, but when it comes to trading if you make a big mistake it is impossible to fix it and for the most part that mistake causes you to make yet another series of mistakes which can end your career as a trader before it even begins.

Because of this, traders or investors who are totally new in crypto market have to be careful with every decisions. They need to have preventive plans for their capital and lives. Borrow to trade and go gamble with margin then high leverages will make them paranoid, weak and end with terrible decisions.

Cost of learning will be a mixture of time and capital. You have lot of time to spend but you won't have much capital to waste. If you use all capital to do trading or invest at the beginning, you will lose it after one or two big failures.

Let's get started to trade or invest with small part of your capital, and use a few other parts for later lessons.

Which is why money management skills should be a top priority for traders, a trader that spends a year in this market and does not lose a lot of money has a way bigger chance to make it long term than someone that took huge risks and won with it, the reason is that the one that takes huge risks just got lucky and just needs a few bad moves to lose so much money that it will be impossible for him to recover.

While the one that lost a small amount probably learned to make safe trades in the process and has a very good idea of where to set his stop loss to avoid catastrophic losses, which means that he only needs to improve his timing to the markets and he will go from having small losses to small profits which will become bigger as he accumulates more experience and knowledge.

[konflikkastil]

Newbie traders, that sounds a bit somehow to me anyway, and I still don't know what a newbie doing with trading. At that level he or she should be learning one or two things on how the market is been run. Why do you want to start trading anyways? Hope it is not because of the money in it? If that's your primary purpose you have to put a stop to it first and go and learn what you are supposed to know first. Else, you are heading for a biggest mistake that is going to cost you so much. After you have learnt one or two things, then you can start to trade bit by bit. And learn from your mistake per time.

[fahmimajannat]

Actually people become expert when they learn from their mistakes. So it is better to analyse the mistake that you have made. And try to figure out why it hasn’t gone to Your assumptions.
So its better to learn from reading at first and than by investing small amount of money and gaining Knowledge

[jostorres]

I guess I immersed myself when you mentioned that we shouldn't use demo account to practice trade because emotions aren't really going to kick in.
Or maybe such platforms would make limitations on making demo accounts so that learners would get the feel of actual loss.

Problem with demo accounts is that the decisions and trades you do in the demo account are not the same which you might do when you know that real money is involved. We are humans and subconsciously we know that the money we are using right now is demo and free money so sometimes we take more ballistic approach and take bigger risks. While when you are trading with real money you panic and the pressure is completely different.

I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another

Not everyone is a trader but also not every successful trader was a "born trader" so if one is determined and has the right mentality to learn as he trades, they can develop into a decent trader. Yes some skills are god gifted and not everyone can acquire them but trading is a very technical thing so if you want to learn, you can learn.

It is like learning Java and C++, some will learn faster who are good at coding naturally while some might be slower but everyone can learn, if they want to.

[CryptopreneurBrainboss]

Another important thing that needs to be learnt is risk management. No matter how skilled you are, you'd only be setting yourself up for a failure if you don't practice risk management

I believe this is the major reason most new traders don't succeed or record profit then quit. While the market is bullish, all the sentiment are bullish as well which might mislead traders into thinking putting in any stoploss now could deprived them the opportunity of future gains incase the market flash crashes and recovers almost instantly.

Risk management is one of the most important skills traders hoping to succeed in the space should have. Many traders do know about managing their risk but are yet to understand the right way to go. Many are yet to understand how stoploss are to be the set and the best strategy to use to avoid losses and potentially take you out of the market in profits instead of minimum losses.

[Swopon]

Newbie traders - Learn from my mistakes

Most of us don't know how to trade or how to understand the market and when is the best time to invest or quit with profit. Basically, it is happening that if you are not enough knowledge holder, you may face many problems in trading even your funds can be lost. Knowledge is power in trading. Invest that amount which will not affect if you loss your funds. Affordable amount should be invested in trading and there is always a risky thing in trading. So, you have minimum knowledge about risk management which will help you a lot.

[tvplus006]

For Newbie traders, the best option is to use long-term trading. And under no circumstances do not use margin trading, which will necessarily lead to the loss of the deposit. This rule does not need to be tested on yourself, it is easier to use it as a postulate.

[AakZaki]

I believe that not all people are suitable for trading. You have to have a certain set of skills in order to trade successfully. First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another

not all are suitable for trading because those who are not do not want to learn how to trade properly. The shortcut if you don't want to make trades can use the Hold strategy. Buy cheap and hold then sell at a high price for a long time. Trading inevitably has to be mastered and learned. Although patience and psychology are also important, which is the main advice to learn technical analysis and fundamentals, that's the main thing.

[CryptopreneurBrainboss]

First and foremost, this is patience and strong psychology, and also a fixed plan of what you will do if the market changes one way or another

While staying disciplined to your strategy and plan is very important to become successful at trading, you should also have to be able to adjust to the market at every condition. Be very adaptable because the sentiment of the market can change at anytime, the bull or bear market can start at any moment, you been able to identify this trend and adjust your trade to stay on the winning side is very vital and not that easy to execute as you may think.

The market trend change could be a false alarm as the whales could be manipulating the market or a fake rumors must have caused panic. To become a successful trader you must be willing and have the ability to learn from mistakes and what better way to do so then learning from mistakes of others, you don't have to wait to make that mistakes yourself, it might cause you and affect your physiology if you do.

[jostorres]

All pointers and good suggestions are useless to a totally newbie in trades. They won't understand those suggestions as they don't experience the actual environment of being trade.

Not really, as a newbie it is good to know from the experienced community things like how to avoid panic and FUD. Yes things like analysis and reading charts, candles, etc. will come with time and experience but basics can be learnt from reading content and knowing other's experiences.

I am part of many crypto groups on telegram and I often come across individuals complaining about getting scammed in ICOs and fake projects. As much bad I feel for them, I feel like its important to face those loses and learn their lesson the hard way. I tried to tell a guy who seemed new to ICOs that almost all of them are scam and he ignored me, not sure if he got scammed later, so people who are not ready to listen have to learn it the hard way.

[tvplus006]

Everyone start in trading as newbie but it doesn't mean that you don't have knowledge in trading because I know before you will enter in trading you  know about it even slightly. Honestly when I try to trade, I don't have any idea or enough knowledge what to do in trading as a newbie. So, while I'm in trading platform I learn step by step about it, of course at first , you can't avoid to have losses but from your mistake and little experience you will get knowledge.

As a rule, the loss of their deposit forces people to start learning the basics of trading. Some people lose their deposit several times before they start trading with a profit. The main thing is to understand the reason why your trade brings loss and disappointment, and after identifying such a reason, you should avoid its repetition.

[wxa7115]

Newbie traders, that sounds a bit somehow to me anyway, and I still don't know what a newbie doing with trading. At that level he or she should be learning one or two things on how the market is been run. Why do you want to start trading anyways? Hope it is not because of the money in it? If that's your primary purpose you have to put a stop to it first and go and learn what you are supposed to know first. Else, you are heading for a biggest mistake that is going to cost you so much. After you have learnt one or two things, then you can start to trade bit by bit. And learn from your mistake per time.

It is known that those that have a legitimate interest in the activity they are pursuing perform at a greater level than those that only care about the things they can get out of the activity.

If you only care about trading in terms of what you can get out of it most likely you are never going to become really good at it and you will lose money, only those that actually have curiosity about the markets and how they work and are marvelled by its movements have a real chance to become successful, as they will dedicate enormous amounts of time not only to figure out how to make money in the markets they will also dedicate a huge amount of time just to understand the markets better even if this does not benefit them economically in an obvious way.

[tygeade]

Videos are really helpful when it comes to learning because you will be seeing everything you want to learn being played out on your screen and it is more easy to understand than when you’re just reading an articles that talks about the same topic.

Secondly, learning technical analysis and everything about trading is a normal thing that newbie traders should do, although a lot of people find it hard to take the time and start learning all these things, I can’t tell why, maybe because they are being lazy or something. What they do most times is that they just learn a little thing about trading and then they start thinking that they experts already.

[Kittygalore]

Videos are really helpful when it comes to learning because you will be seeing everything you want to learn being played out on your screen and it is more easy to understand than when you’re just reading an articles that talks about the same topic.

Be careful choosing the videos though as the helpful ones are really rare and you have to sift through all the clickbait videos in order to find the good videos. Choose only a few channels and content creators to learn from because if you were to not do that, you will only end up with a lot of conflicting ideas that will be a detrimental factor for your decisions when you are trading. OP is a good person, telling everyone about the mistakes that he/she has done so as to help other people from not making the same mistake.

[JooBra]

Videos are really helpful when it comes to learning because you will be seeing everything you want to learn being played out on your screen and it is more easy to understand than when you’re just reading an articles that talks about the same topic.

Be careful choosing the videos though as the helpful ones are really rare and you have to sift through all the clickbait videos in order to find the good videos. Choose only a few channels and content creators to learn from because if you were to not do that, you will only end up with a lot of conflicting ideas that will be a detrimental factor for your decisions when you are trading. OP is a good person, telling everyone about the mistakes that he/she has done so as to help other people from not making the same mistake.

Most of the channels are creating clickbait headlines but there is always something to learn. For technical analysis you can learn how is all playing out. A lot of time is needed to get hang of it since a lot of stuff usually plays out in cycles.

[Sterbens]

Doing trading can really be done by everybody but we cant really deny the fact that there are people which arent effective in terms of trading even though they
had been trading in the market for a while now.Just like my friend which is trader but eventually quit after 2 years of doing trades still end up on a loss.
Not all things would really goes well into an individual so this will really be varying on someones persistence on what he had been engaging.

and what is more ideal is that everyone has their own function and performance, from the experience of our friends, we learn that what we can do cannot be done by others, and conversely what others can do is not necessarily what we can do. . even if it could be done, it wouldn't be the same as the former.
In trading, we are never much different, we are just endowed with mental and thoughtful patience whenever we face a situation that passes, whether it is in ruins or is on the rise. there is only one thing that makes a person survive, that is, to love what he does, without being accompanied by compulsion.

[isaac_clarke22]

~

I'll emphasize this a lot.
I've had rough experience in jumping to day trading too quickly just because many claimed that "it is fastest way to earn", because technically you're trading actively throughout the day.
I haven't experienced doing margin trading just yet, but I know it is another strategy. I know it would be a rougher experience for me back then and I might considered dropping crypto that day.

[doctor877]

crpto is not a child play especially for new members. i dont see a reason why a newbie without any knowledge will jump in and start taking trades. there is always a volatility disclaimer on crytpto trading. try to always learn in anything, learn and apply then you become powerful.

[Fatunad]

crpto is not a child play especially for new members. i dont see a reason why a newbie without any knowledge will jump in and start taking trades. there is always a volatility disclaimer on crytpto trading. try to always learn in anything, learn and apply then you become powerful.

Everyone do start on being a noob this is why its somewhat expected for those kind of behavior for a noob to do such thing but sooner or later he would really be realizing that things should really be dealt up seriously if he do like to survive into this market.This isnt indeed a childsplay because you are risking out your money which means you need to be serious on prolonging yourself or survive on the market.
Learn from your mistakes because you wont really be making yourself better if you dont really learn into those things that you had experienced.
Try to hone up your skills and knowledge as you do trade up with the market, this might not be an easy journey but somewhat can really be able to handled out.

[Hilde Maa]

hello
i have about 80 dollar in btc better to keep? for being little what I have it would be better another coin?

[CryptopreneurBrainboss]

Be careful choosing the videos though as the helpful ones are really rare and you have to sift through all the clickbait videos in order to find the good videos. Choose only a few channels and content creators to learn from because if you were to not do that, you will only end up with a lot of conflicting ideas that will be a detrimental factor for your decisions when you are trading.

Exactly, hardly before you'll see any youtubers these days doing the videos for the love of educating or informing fellow enthusiast instead they do the videos to shill certain project or as a means of advertisment. 99% of the videos are been monetized which has a clear signs we should be very cautious about the information and strategy we let come in our mind before it poisoned it.

Youtuber are the easiest to confused/mislead the newbies since they communicate visually which create some sort of trust. Identifying the shillers from the actual educators are very simply. The shillers only cares about the profit so their video will be focus more on how they can get you in, on the plan so they get paid but the educators gives you the information and leave you to make your decision without putting any pressure on you

[Yatsan]

We do really learn from the mistakes we have taken from the past and that what makes us the better version of ourselves to prevent making the same mistakes we have before. When it comes to trading, every beginner even the old timers do still commit mistakes which leaves a great lesson to seek for improvement so that once when the same thing happens once again is that we can already have ways or solution to resolve such hindrance in our way. It is just fine to commit mistakes as long as you learn from it and you are making a way not to do the same thing all over again. Be mindful of the decisions you make for it can affect and have an impact on the sake or condition of your trades. Be wise enough so you can execute better solutions to save up your funds.

[Cling18]

Trading is a long process of learning. It actually never stops and the more experiences that we have, the more we learn here. It's really important that we'll have the eagerness to learn and adopt new knowledge each day. Knowing how to read the movement of the market and having enough knowledge about technical analysis is a big edge because we can't rely everything on trading gurus. However, committing mistakes is a part of the growth here in crypto world but being wise could still lower the risk of losing.

[manu3003]

Trading here in cryptocurrency is not an easy things. It really needs skills, knowledge, and understanding.
And there are several traders even the experts made a wrong move or mistakes too in trading activity.
and most of the mistakes they've made in the end they learned from it of course.

Will you sell me a BTC? :/

[SquallLeonhart]

I've had rough experience in jumping to day trading too quickly just because many claimed that "it is fastest way to earn", because technically you're trading actively throughout the day.
I haven't experienced doing margin trading just yet, but I know it is another strategy. I know it would be a rougher experience for me back then and I might considered dropping crypto that day.

They were sort of right, and they were very wrong as well. Day trading, especially in high leverage places could be world's biggest profiting place, binance has huge volume in their high leverage trading as well which means you could make tens of millions of dollars profit there and the volume could cover that too. How? If you are an experienced and awesome trader that keeps making huge profits along the way constantly, that would mean that you could profit, however one thing is a bit of a problem; if you are not someone like that it is not a profitable thing.

So, when a great experienced trader tell you that day trading and even high leverages are way to go because they make so much profit that way, they are right because they do make money like that, but they are very wrong because you can't make money like that as a newbie in trading world.

[Maslate]

No one has a good start in trading, no one directly got what he/she wants to achieve,  and for sure, all traders have suffered (many) losses before they find where they become wrong. Because honestly, mistakes can't be avoided nor we can escape from them. But the good thing is that we are able to correct our mistakes and prove to ourselves that we can survive all of these challenges.

Trading is not an easy job, unlike the others think, and this why many traders had failed because in the sense that they never know what they are doing.

[Sterbens]

hello
i have about 80 dollar in btc better to keep? for being little what I have it would be better another coin?

 your decision is already a good one. You don't have to split that $ 80 with any altcoins. because from btc profittalble it is clear. you just hold or sell it, it will still give you a good profit. Instead of giving the entire portfolio to altcoins that you are not necessarily sure of the future benefits. while bitcoin will not discourage you.

[Golftech]

hello
i have about 80 dollar in btc better to keep? for being little what I have it would be better another coin?

 your decision is already a good one. You don't have to split that $ 80 with any altcoins. because from btc profittalble it is clear. you just hold or sell it, it will still give you a good profit. Instead of giving the entire portfolio to altcoins that you are not necessarily sure of the future benefits. while bitcoin will not discourage you.

If you are not greed and you are contented with small profits, holding or keeping it as bitcoin is a good decision.

But if you are into exploring all the potentials coming from this business, there are lots of projects who are also

possible to bring you much better outcome. It's needed much longer time to review and research each possible

project to invest your money, the entire ecosystem of this crypto industry have enough if you are seeking for

more profitable and valuable assets.

[MiningBattalion]

hello
i have about 80 dollar in btc better to keep? for being little what I have it would be better another coin?

 your decision is already a good one. You don't have to split that $ 80 with any altcoins. because from btc profittalble it is clear. you just hold or sell it, it will still give you a good profit. Instead of giving the entire portfolio to altcoins that you are not necessarily sure of the future benefits. while bitcoin will not discourage you.

If you are not greed and you are contented with small profits, holding or keeping it as bitcoin is a good decision.

But if you are into exploring all the potentials coming from this business, there are lots of projects who are also

possible to bring you much better outcome. It's needed much longer time to review and research each possible

project to invest your money, the entire ecosystem of this crypto industry have enough if you are seeking for

more profitable and valuable assets.

Making mistakes is part of the learning process when it comes to trading or investing. Investors are typically involved in longer-term holdings and will trade in stocks, exchange-traded funds, and other securities. Traders generally buy and sell futures and options, hold those positions for shorter periods, and are involved in a greater number of transactions.While traders and investors use two different types of trading transactions, they often are guilty of making the same types of mistakes.

[wxa7115]

Videos are really helpful when it comes to learning because you will be seeing everything you want to learn being played out on your screen and it is more easy to understand than when you’re just reading an articles that talks about the same topic.

Be careful choosing the videos though as the helpful ones are really rare and you have to sift through all the clickbait videos in order to find the good videos. Choose only a few channels and content creators to learn from because if you were to not do that, you will only end up with a lot of conflicting ideas that will be a detrimental factor for your decisions when you are trading. OP is a good person, telling everyone about the mistakes that he/she has done so as to help other people from not making the same mistake.

This should be done for every single topic taking into account the social media age in which we are living, accuracy of the information you are given is not the top priority to those content creators since they get paid depending on the views they get so they try to create clickbait videos to attract audiences but that teach you nothing of worth.

By the way this is true as well when it comes to other media, so just because you are attending a conference or reading a book you should not think that you are safe, read the books on their merits and test what they teach you, if the test indicates it does not work then drop the book immediately as it was mostly written with the same intention as the videos on YouTube, to get your attention and make sells but that does not leave you with anything of value.

[mersal]

Every human being has to face many crises at the beginning of the business but gradually they move forward by gaining good experience about the market. No one can do business without mistakes losses must be faced and corrected not everyone is wrong in the same place business mistakes vary from person to person if you have good skills about trading techniques and its charts before trading you are less likely to make mistakes.

You can learn from mistakes but if you are too smart then you will learn from others mistakes which means you are not going to lose your money and time but experience is indeed so starting with small capital for trading is wise choice and lot of simulation available to work your trading strategies and find its effectiveness.

[peter0425]

Just admit the reality that Trading is not for everyone .

Just like the reality that Not everyone can become Millionaire , this deserves only some people.

for thousands that venture in trading , More than half fails and not because they are weak or fool but because they are not really for this.

[wxa7115]

Every human being has to face many crises at the beginning of the business but gradually they move forward by gaining good experience about the market. No one can do business without mistakes losses must be faced and corrected not everyone is wrong in the same place business mistakes vary from person to person if you have good skills about trading techniques and its charts before trading you are less likely to make mistakes.

You can learn from mistakes but if you are too smart then you will learn from others mistakes which means you are not going to lose your money and time but experience is indeed so starting with small capital for trading is wise choice and lot of simulation available to work your trading strategies and find its effectiveness.

That is the best part, people are always talking about how experience is the best teacher and they are not wrong but there is no need to make the mistakes others have made by yourself, read about their mistakes and learn from them that way when you find yourself in the same situation you can save yourself the trouble and avoid losing money in the same circumstances.

People are always focusing on earning money not understanding that learning how not to lose money is even more important as the longer you remain in the markets without a big loss the more likely it becomes you will see a big win.

[Fatunad]

Just admit the reality that Trading is not for everyone .

Just like the reality that Not everyone can become Millionaire , this deserves only some people.

for thousands that venture in trading , More than half fails and not because they are weak or fool but because they are not really for this.

Not only half but i do rather believe that 1/4 of traders are on the success side and the rest are just losers because its just normal to think that the market do composed of with buyers and sellers.
You are right that not all are meant to be traders and there would really be people who would really fail up in longer runs and its up to someone if they do pursue out to deal with things
or simply quit when they do lost money and never look back.People do have different traits and behaviors thats why you cant really tell on where they would be ending up.
Learning from mistakes is a must because you wont really be progressing out if you dont welcome those mistakes and made out some changes later on.

[isaac_clarke22]

~

Harsh reality there, mate.
To backup what you just said.
Everyone doesn't need to be a trader.
Everyone doesn't need to be one of the 1%.
As long as you earn something out of cryptos like long-term hodling, that's fine.
There's even chances that hodlers would be one day millionaires. Imagine if you were someone that hodl more than 50BTC back in 2011, dreaming to be a millionaire, where would you be right now?

[zanezane]

Just admit the reality that Trading is not for everyone .

Just like the reality that Not everyone can become Millionaire , this deserves only some people.

for thousands that venture in trading , More than half fails and not because they are weak or fool but because they are not really for this.

I did accept that a long time ago, but not because I don't have the skills or that I can't hone to become good at it but because I know how boring and taxing it is to spend time looking at chart and stats, in short my laziness is the reason for me to accept that I can't be a trader. I have to disagree with you about not everyone can be a millionaire because I do believe that when we give the people the opportunity, and if they grab it, they can definitely become one.

[worle1bm]

The one who suucceds are those who learnt a great lesson from their past mistakes and turn them into their experience.What do you think most expert traders do?They try to cover their loss by taking lessons from past and turning them into their profits or become so influential to manipulate the market accordingly.You need to be determined not to leave the market after your loss but rather cover that loss and have profit from your next trade.Profit,loss,risk will always move together and you need to understand them as early possible.Its risky market and person who is risk taker will stand on top.

[JohnBitCo]

Every human being has to face many crises at the beginning of the business but gradually they move forward by gaining good experience about the market. No one can do business without mistakes losses must be faced and corrected not everyone is wrong in the same place business mistakes vary from person to person if you have good skills about trading techniques and its charts before trading you are less likely to make mistakes.

To tell you the truth, even the experienced traders are making a lot of mistakes. Trading is something in which everyone become perfect after learning for his/her mistakes. There are people who keep on doing the same mistakes again and again and never try to avoid it. If you do not learn from your mistakes, you gonna lose money in trading.

[RealMalatesta]

To tell you the truth, even the experienced traders are making a lot of mistakes. Trading is something in which everyone become perfect after learning for his/her mistakes. There are people who keep on doing the same mistakes again and again and never try to avoid it. If you do not learn from your mistakes, you gonna lose money in trading.

They are human too, obviously they would make a mistake. No human would end up with zero mistakes, Warren Buffet turned 100k into 100 billion dollars and even he makes mistakes, he did so plenty of times in his life as well. But that doesn't change the fact that he did made a lot of money, what does that tell us? It tells us that even if you are experienced you would make a mistake but you would be profiting a lot more than you make a mistake and that is the important part.

I personally think that we are not suppose to win on each trade, but if you win more than you lose, that means you are a good trader. Let's say you start with 10k dollars, turn that into 20k and it goes back down to 18k, you are still up and that is what you should be working for, that 2k loss is not a problem as long as you have made that 10k profit first, that's how it should be done.

[CryptopreneurBrainboss]

To tell you the truth, even the experienced traders are making a lot of mistakes. Trading is something in which everyone become perfect after learning for his/her mistakes. There are people who keep on doing the same mistakes again and again and never try to avoid it. If you do not learn from your mistakes, you gonna lose money in trading.

We have individuals that makes mistakes over and over again without realizing they're making this mistakes since they aren't the ones analyzing the market which is why we're advice to engage with the market ourselves and not rely on others assumptions of how the market will react.

We can all be professional traders if we can dedicate the time and learn from our mistakes and others mistakes too. It's a smart move when we use other experience as a blueprint. It helps in reducing the amount of funds that can be lost trying to understand how the market works.

If you noticed you aren't learning from your mistakes and keep repeating them, then you need to move on as trading isn't for you, you might probably lose all your funds if you don't move on.

[tygeade]

Just admit the reality that Trading is not for everyone .

It is the harsh reality unfortunately, like not everyone can be a singer despite everyone believing they are good at singing, similarly not everyone has the required qualities for being a trader. Being in the crypto community for a long time, I have seen that a lot of guys came after others but became way more successful because they are natural traders while some still trying to find a guide that can help them trade since years.

Just like the reality that Not everyone can become Millionaire , this deserves only some people.

Deserve ain't the correct word. I would rephrase it as "Not everyone has the fortune of being a millionaire" because again, I have seen people who deserve more in life getting the least.

for thousands that venture in trading , More than half fails and not because they are weak or fool but because they are not really for this.

A thread here at bitcointalk I was reading a few days back, showed that 95% of people fail at trading so yeah more people fail than succeed at trading. I think one should try for a few years in trading and if they fail continuously without any signs of improvement, they should just stop. If one is improving then there is hope.

[onecall123]

Every human being has to face many crises at the beginning of the business but gradually they move forward by gaining good experience about the market. No one can do business without mistakes losses must be faced and corrected not everyone is wrong in the same place business mistakes vary from person to person if you have good skills about trading techniques and its charts before trading you are less likely to make mistakes.

To tell you the truth, even the experienced traders are making a lot of mistakes. Trading is something in which everyone become perfect after learning for his/her mistakes. There are people who keep on doing the same mistakes again and again and never try to avoid it. If you do not learn from your mistakes, you gonna lose money in trading.

In trading formula is quite simple, simply purchasing a coin when it's low and and then selling when the price goes high. It's also true not everyone will take the profits, to become experience traders we have to up to date with the projects. There's less risk involved if we get the things otherwise better off hodling until become a skill trader.

[gabbie2010]

Every human being has to face many crises at the beginning of the business but gradually they move forward by gaining good experience about the market. No one can do business without mistakes losses must be faced and corrected not everyone is wrong in the same place business mistakes vary from person to person if you have good skills about trading techniques and its charts before trading you are less likely to make mistakes.

To tell you the truth, even the experienced traders are making a lot of mistakes. Trading is something in which everyone become perfect after learning for his/her mistakes. There are people who keep on doing the same mistakes again and again and never try to avoid it. If you do not learn from your mistakes, you gonna lose money in trading.

In trading formula is quite simple, simply purchasing a coin when it's low and and then selling when the price goes high. It's also true not everyone will take the profits, to become experience traders we have to up to date with the projects. There's less risk involved if we get the things otherwise better off hodling until become a skill trader.

One of the problem hindering the progress of my trading is not selling at the appropriate zones at high I will always envisage that the price will continue to trend upward however on checking my trade the price would have corrected having reached a high earlier which would have earn me some profits.
I always tried to buy low which had been working well for me but greediness on my own part wouldn't allow me to take small profit I am working hard to correct it.

[Yamifoud]

One of the problem hindering the progress of my trading is not selling at the appropriate zones at high I will always envisage that the price will continue to trend upward however on checking my trade the price would have corrected having reached a high earlier which would have earn me some profits.
I always tried to buy low which had been working well for me but greediness on my own part wouldn't allow me to take small profit I am working hard to correct it.

Controlling our emotions is really, not even you say yourself I gonna hold and wait for the ATH but later on, it twisted and make fall into thinking what if the dumps will come next, I miss again.
No one gets perfect in trading, it was just a lucky day for us if we are able to sell our Bitcoin at high. Not all are committed to being patient, sometimes we got mad because of a wrong decision but it wasn't really that wrong, we just did our best and that only we can give, besides, we also have the profit already which good enough.

[bitgolden]

Trading is indeed not for the weak hands and we should not feel discourage every time we lose money because that’s the game here in the market.

We lose 5 times in a month but of course, we have to bounce back and win more than what you’ve loss. Trading is a profitable job if you take this serious, it will bring big money to you so keep learning, and keep doing good strategies every time you trade.

The thing about losses and mistakes is that, it is not about how many you make or even if you make one or not, it is about how you made one and what did happened afterwards? For example if you make too many mistakes that's bad, but if it is different each time and you never repeat the same mistake twice that means you are learning and getting better, and it is not about making one because we established that everyone makes one, do you know what matters?

If you made a mistake that anyone could have made that would be fine, and if you made a mistake then learned what it was and never made it again that matters too. So, that is why I keep saying that we should be focusing on learning from our mistakes and not focus on trying not to make a mistake because let's face it we will all make it one way or another but learning from them would be a lot better for sure.

[carlfebz2]

One of the problem hindering the progress of my trading is not selling at the appropriate zones at high I will always envisage that the price will continue to trend upward however on checking my trade the price would have corrected having reached a high earlier which would have earn me some profits.
I always tried to buy low which had been working well for me but greediness on my own part wouldn't allow me to take small profit I am working hard to correct it.

Controlling our emotions is really, not even you say yourself I gonna hold and wait for the ATH but later on, it twisted and make fall into thinking what if the dumps will come next, I miss again.
No one gets perfect in trading, it was just a lucky day for us if we are able to sell our Bitcoin at high. Not all are committed to being patient, sometimes we got mad because of a wrong decision but it wasn't really that wrong, we just did our best and that only we can give, besides, we also have the profit already which good enough.

Emotions would be the biggest factor that could really changed up someone when it comes to their decisions towards their investment.It can really be making a full u-turn anytime

specially if we do able to see some situations where we do feel out that the market might possibly be crashing that hard.In result? Panic selling which would result into loss until the recovery comes
and that time it will really be giving you out the feeling of regret.

This cycle would continue and this is how the market moves.As soon you do progress or deal with this market the more experience you would get which would really
be helpful for you to sustain in further trades.

[Ryker1]

^[snip]
As soon you do progress or deal with this market the more experience you would get which would really
be helpful for you to sustain in further trades.

Well, you have a point on this post.
More mistake to correct and more experience to learn will make you a better trader -- I believe that the experience and mistake to correct and the best teacher in trading, it seems like a blade that every time you will sharpen it give shine in every edge or every corner you will look. The same goes in trading, shine which means knowledge on trading that we can absorb while we have mistakes and will perhaps be helpful to us.

[Questat]

^[snip]
As soon you do progress or deal with this market the more experience you would get which would really
be helpful for you to sustain in further trades.

Well, you have a point on this post.
More mistake to correct and more experience to learn will make you a better trader -- I believe that the experience and mistake to correct and the best teacher in trading, it seems like a blade that every time you will sharpen it give shine in every edge or every corner you will look. The same goes in trading, shine which means knowledge on trading that we can absorb while we have mistakes and will perhaps be helpful to us.

More experience, more learning we got but it is up to us if we would like to change ourselves and correct all our mistakes. Because not all traders have that kind of attitude, some didn't listen to advice but just believe what they think even it is totally wrong. We have nothing to do with this kind of personality and we are helpless to him.

I have that kind of friend and I am tired enough to speak to him because whatever I do, it still put ignored. That is why he keeps losing.

[BuNga_cute]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

[blockman]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

That's the start when they're too emotional with their trades. And to say that newbies should learn the experience and mistakes of others, not all of them will agree on that. Some of them just want to have their own experiment and learning on their own through the process.
But I agree that if they learn to control their emotion, that will make their decisions wisely and also the experience of others if they will apply it with their trading style.

[tvplus006]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

Mistakes that we make on our own in trading are always better remembered than if we just study the experience of others, because they are always associated with the loss of our own money. Therefore, no matter how much we study theory, all this knowledge will remain only theoretical, without practical application.

[Innerpumper]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses. However, from there we learn to earn even more profit.

[imstillthebest]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

Mistakes that we make on our own in trading are always better remembered than if we just study the experience of others, because they are always associated with the loss of our own money. Therefore, no matter how much we study theory, all this knowledge will remain only theoretical, without practical application.

why do we need to study their mistakes when it was their mistakes and not ours  .
we dont need to help them because they are done with that mistake and they are upgraded now but its our self that we need to help and we can do that best if we start to trade with our own bare hands .
to study from your own or to others , you will soon find a way to apply it  because you are curious if that will work now or not and its useless if you came here to learn but no actions taken .

[isaac_clarke22]

~

Mistakes that we make on our own in trading are always better remembered than if we just study the experience of others, because they are always associated with the loss of our own money. Therefore, no matter how much we study theory, all this knowledge will remain only theoretical, without practical application.

Gonna emphasize this kind of thinking.
It's like feeling like you're the best among the class because you can memorize theories but can't do an application to them.

One of the things wrong with some traders or any other types of learners at some fields is that they believe that more books mean more knowledge and more capability.
They believe that if they simply watch tutorial series, buy course, or even read a lot of books, then they would be a better trader at the end of their study.

[bitgolden]

why do we need to study their mistakes when it was their mistakes and not ours  .
we dont need to help them because they are done with that mistake and they are upgraded now but its our self that we need to help and we can do that best if we start to trade with our own bare hands .
to study from your own or to others , you will soon find a way to apply it  because you are curious if that will work now or not and its useless if you came here to learn but no actions taken .

Well, the logic is that some other person makes a mistake and tells you not to do the same so that you learn from their mistakes and not do that. That is what learning from others mistakes work for, that is how humanity grew bigger than other animals and became humans. We pass along things we learn and teach our kids and share that information with next generations, I have never tried to grab fire before, because obviously past ancestors probably did it, I do not need to do that to learn (big example, could be wrong).

So long story short, we read from past mistakes of others, and put on top of that and our start of trading becomes better than their start of trading, obviously you will get better when you make a mistake of your own but that doesn't mean that you should not focus on anything aside from your own mistakes neither, you should learn from others as well.

[tvplus006]

...One of the things wrong with some traders or any other types of learners at some fields is that they believe that more books mean more knowledge and more capability.
They believe that if they simply watch tutorial series, buy course, or even read a lot of books, then they would be a better trader at the end of their study.

Indeed, it is the combination of knowledge and experience that makes a successful trader. No matter how much theory you get, it will be impossible to use it properly without having experience. In contrast, for us, experience sometimes becomes more important when making a decision, since it is based on a precedent that also takes place in cryptocurrency.

[wiss19]

your decision is already a good one. You don't have to split that $ 80 with any altcoins. because from btc profittalble it is clear. you just hold or sell it, it will still give you a good profit. Instead of giving the entire portfolio to altcoins that you are not necessarily sure of the future benefits. while bitcoin will not discourage you.

Bitcoin is sure the best option for him, selling the $80 worth coins to invest in altcoins wouldn’t make any sense.

Moreover most of the altcoins are seeing a huge increase as Bitcoin, except a few of them that seems to be really wilding out.

I think a few that has been increasing heavily includes Tron, Vechain, and some DeFi. Bitcoin is good and from the look of things Bitcoin might still be going for more increase because it is not going down anymore, it keeps breaking new levels every month and we don’t know to what extent it might reach soon.

[ven7net]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

[AicecreaME]

I agree that newbie traders must learn from the mistakes of others, so as not to have to repeat the same mistakes. Sometimes many newbie traders
who too follow their emotions when going to trade, newbie traders do not want to learn from the experiences of other traders. Therefore most
newbie traders will fail when starting trading, although it is natural for newbies to experience failure when starting trading. But losses should be
minimized by learning from the mistakes of others. Because in my opinion other people's experiences are the best teachers.

This doesn't make any sense at all. I meant every one of us have different ways on how we are handling our trades therefore we have different experiences as well and different approach on how to deal with those mistakes (correct me if I'm wrong) It's not bad to continue the war but sometimes there are people who just don't clicked in Trading but in some point they are still pushing it far because they envy those people who are making great profits on it, but in my opinion, they should know the place where they really fit to earn money because forcing something may lead to more further losses.

[Kelvinid]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

If they don't have the interest to learn and to further enhance their knowledge and skill in trading, I'm gonna say that these noobs are really wanted to lose and throw their money than aiming to make a profit. But probably this is not what I think of them. Obviously, they are prone to losses in trading but I surely know that they are working hard to fully understand the situation and improve their capabilities. It only needs time for them to make it and someday they will show us their huge changes in trading life compared to before.

[Mpamaegbu]

But if you are determined enough to understand the likes of MA, EMA, WMA, KJD, MACD, and many other patterns and technical analysis tools as mentioned

It's dangerous relying on the above mentioned indicators as they all are "lagging". You need "leading" indicators as they tend to point you in the direction before price gets there like Support and Resistance marks, trend line and Pivot Points. These indicators alert you ahead of what price plans to do or go to while lagging indicators only follow price behind.

My humble advice to OP (like I also mentioned in another post today) here 👇

I assumed, that trading was really easy

Add this to your bag of wisdom — Assumption is the highest form of ignorance.

You did what you were supposed to do first on the second guess, and that was getting the basic skill set for trading. Well, good a thing you eventually recognized that you didn't know anything and went for tutorials on trading.

Never overlook the place of learning and acquiring basic trading skill set before venturing into trading. Otherwise, you will severely roast your finances.

[slaman29]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

Nah not really. Veteran traders are known to lose money after a good run too, usually it's all about making 99 good trades and then making 1 bad decision in a really bad month and then it topples over in a series of trying to play catch up and throwing all trading logic and rules out the window.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

[doomloop]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses.

You mean trading by other's signal? That will definitely never let you learn out of mistakes. Because you're not doing your technical part but you are simply buying signal from others then how can you can learn from the mistakes because you are not actually doing mistakes but you are copying other's mistake and you are suffering the actual losses because you are risking your capital with others knowledge.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

Yeah, you can simply accept your losses when you are able to cut them earlier and you can enjoy big profits when you are letting good profits grow with the trailing stop-loss. I believe this is one simple technique which will define best traders.

[Ararbermas]

Actually all of us can't escape doing mistakes even we say we are knowledgeable in such things. because indeed it always happened in many ways wherein sometimes without knowing. and in my opinion its up to us if we really want to do it right or we will gonna learned from our mistakes so that it won't happen again and again . Because for me in my opinion it's not base on our status, wherein i believe it depends on us if we really care the safety of our money.

[blckhawk]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

Nah not really. Veteran traders are known to lose money after a good run too, usually it's all about making 99 good trades and then making 1 bad decision in a really bad month and then it topples over in a series of trying to play catch up and throwing all trading logic and rules out the window.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

I like this answer of yours. Lose is inevitable whether you are just a newbie or someone who has enough experience. There's no hundred percent you can pull through a successful trade because no matter what you do there will be times you will get unlucky or make a miscalculation. Now the important thing is how you will handle that loss. Based on my own experience or what I have read, when someone tends to lose a big portion of their capital they mostly will try to chase it and win it back which is less chance gonna happen. The best way to do in this case is to let it go, accept your loss and learn from it because you will eventually get it back 2 fold or even more.

[jostorres]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses.

You mean trading by other's signal? That will definitely never let you learn out of mistakes. Because you're not doing your technical part but you are simply buying signal from others then how can you can learn from the mistakes because you are not actually doing mistakes but you are copying other's mistake and you are suffering the actual losses because you are risking your capital with others knowledge.

That's right, signals are a bad way to trade if you do not know what they are. I mean you are just doing something that other people suggest you to do, if you learn what signals are and what they really mean, you could get your own signals. It is indicators, like some stuff that go down and up that you should be looking at, if you know what they are, you could do them yourself.

If you are just following other people and buy/sell depending on what they say, it is not going to be good for you. This will almost always result with people losing money because they are only following other people and not doing their own research.

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

[LUCKMCFLY]

Learning from experience is the best way to gain knowledge. Especially in the world of cryptocurrency trading even if we use the permium channel even though we must suffer losses.

You mean trading by other's signal? That will definitely never let you learn out of mistakes. Because you're not doing your technical part but you are simply buying signal from others then how can you can learn from the mistakes because you are not actually doing mistakes but you are copying other's mistake and you are suffering the actual losses because you are risking your capital with others knowledge.

That's right, signals are a bad way to trade if you do not know what they are. I mean you are just doing something that other people suggest you to do, if you learn what signals are and what they really mean, you could get your own signals. It is indicators, like some stuff that go down and up that you should be looking at, if you know what they are, you could do them yourself.

If you are just following other people and buy/sell depending on what they say, it is not going to be good for you. This will almost always result with people losing money because they are only following other people and not doing their own research.

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

The groups of signals are everywhere and they are not really profitable, in Telegram they even put you without your consent (Premium Groups) but they are not the best option, I consciously do not recommend the groups of signals.

Regarding the mistakes that should not be made, I would like to say a very common one, which I also had in my early days, and it is:

Do not trade by action of the news, the news I understood that it manifests itself after the important movements, before it is very difficult for a news to occur and then the event, and the news comes out as possible scenarios that explain the movement. If you make your trading plan and then see news, it is likely that the analysis that you have previously done will change it, because the news tends to manipulate most of the time. In Jesse Livermore's books, he made plans without checking any news, got up very early, analyzed the market, made his decisions and placed the positions, after that, he watched the newspaper and had breakfast and so on. He himself said that he did not watch the news so that he would not distort his analyzes of the market.

[Lanatsa]

Indeed, newcomers to trading are generally prone to lose, because knowledge and experience are needed to trade successfully. But I know for sure that some of the newbies do not want to learn and listen to recommendations. I have already come across such people and unfortunately saw personally how they ignore advice and recommendations and just go to trade without experience in the hope that they will just get lucky. Trading is a serious process and it must be approached with full responsibility and only then there is a chance of success.

Nah not really. Veteran traders are known to lose money after a good run too, usually it's all about making 99 good trades and then making 1 bad decision in a really bad month and then it topples over in a series of trying to play catch up and throwing all trading logic and rules out the window.

The best traders I think are very realistic about being able to withstand losses and just making the best in a rally.

I like this answer of yours. Lose is inevitable whether you are just a newbie or someone who has enough experience. There's no hundred percent you can pull through a successful trade because no matter what you do there will be times you will get unlucky or make a miscalculation. Now the important thing is how you will handle that loss. Based on my own experience or what I have read, when someone tends to lose a big portion of their capital they mostly will try to chase it and win it back which is less chance gonna happen. The best way to do in this case is to let it go, accept your loss and learn from it because you will eventually get it back 2 fold or even more.

Loss is indeed inevitable but comparing a newbie into a experienced one then you can really tell the difference on handling out the situation.When it come to trade then

analysis would really be much needed because if you do just simply make trades without any preparation then you would really be just basically wasting off your money.

Mistakes would really be mold up into learnings and this will depend on how someone will be using it to improve himself.So its just a matter of self realizations.

[Distinctin]

Actually all of us can't escape doing mistakes even we say we are knowledgeable in such things. because indeed it always happened in many ways wherein sometimes without knowing. and in my opinion its up to us if we really want to do it right or we will gonna learned from our mistakes so that it won't happen again and again . Because for me in my opinion it's not base on our status, wherein i believe it depends on us if we really care the safety of our money.

If we are not afraid to learn, we are not also afraid to commit mistakes as you said it was natural. But committing the same mistakes, again and again, is something different and I think we are not doing anything in order to stop it and not to happen again. If only that will happen to us, I think we are not meant to be here in trading. It is time to look for another opportunity where we can excel and make use of our knowledge and skill that really suited to it.

[trigger1975]

First and foremost: thanks for sharing your experience in becoming a trader!

Coming back to art of learning, initially, I would suggest that you learn to read two to three signals and see if the signals are aligning with the chart. I recommend you to use candlestick for chart since it has numerous ways to tell you how the future market rating could be by the past market chart patterns.

I disagree in this point.  Backtesting and forward demo/paper testing isn't about "testing knowledge" (yeah, for beginners this might be surely also a reason).  It's about getting enough numbers on a strategy/signal/whatever from which a trader can make a decision if it fits his expectancy enough to risk real money.  How will you know, if a strategy gives you a positive expectancy, what the win ratio, what the average and resulting RR, … will be or if it'll lose you money, if you never put it up to test before you're putting money on the table.

Utilizing back and forward testing is what a professional trader does. If you cannot trade without feeling the excitement, it'll bite you in the long run.

To put it in other words: given two traders start using the exact same strategy in crypto – which works in stocks very well.  One is going live right away, the other is demo'ing for 150 trades to gain number.  After three months both find out, that this strategy has a negative expectancy in crypto due to higher volatility. Difference: the live-guy lost time and real money before he did find out, the demo-guy did only lose time.

[Shasha80]

If we make mistakes when trading, we should learn from those mistakes. But it is wiser if we also have to learn from the mistakes of others,
so we don't have to experience them. Especially for newbies who don't have much trading experience, it is very important to learn from
the mistakes of others. It can make a newbie improve his trading skills, or at least not have to make mistakes in trading that have been done
by other people.

[doomloop]

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

Learning and that too on continuous manner is usually not easy when you’re a newbie, the money you will have to spend especially when you’re the type that’s dedicated and seriously wants to learn it and start trading.

Moreover, the funny part of it all is that there will be lots of people (the so called experts) who will be by the side and looking for means that they are going to take the little money you have from you, and I completely know how frustrating this kind of a situation can be, you will keep spending and you’re getting nothing, it’s easy to get discouraged.

[trigger1975]

People need to study and learn how to trade and know how to trade and when to trade in order to become a good trader. By following others you become a sheep, maybe you will get richer for a while as well but it will always mean end to you as soon as other people start to be wrong.

Learning and that too on continuous manner is usually not easy when you’re a newbie, the money you will have to spend especially when you’re the type that’s dedicated and seriously wants to learn it and start trading.

A beginner should look at this money as investment into his education.  If you build up a business you have to invest in it as well.  There is no free lunch especially not in the market.

Moreover, the funny part of it all is that there will be lots of people (the so called experts) who will be by the side and looking for means that they are going to take the little money you have from you, and I completely know how frustrating this kind of a situation can be, you will keep spending and you’re getting nothing, it’s easy to get discouraged.

Ok, but this is trading not a charity party.  If somebody trades without a proper plan or with a lack of discipline, he'll get crushed and those who have a plan and the discipline to follow it, will be pleased to take their money. There is no mercy in the markets.